Exeter City have had an inconsistent start to the season, with no back-to-back wins.
The Grecians are sitting 19th in League One with just 13 points from 13 games. But what is the reason for this? Here, The Lower Tiers looks at their recent form to find out why.
Exeter City’s injury issues
Exeter have had terrible luck with injuries this season.
They have conceded 14 goals so far, and this has been compounded by numerous defensive injuries. They have lost captain Pierce Sweeney, and promising young defender Johnly Yfeko to various injuries. 22-year-old Yfeko returned for the Grecians’ 1-0 victory at Lincoln City and made an immediate difference to the struggling defence.
It was Yfeko’s first league start in almost a year after a string of hamstring injuries, and boss Gary Caldwell praised the former Rangers’ player’s impact.
‘I think everyone can see that the first half in particular, his presence in the team, his physicality, his quality and bravery in playing out I thought he was outstanding in the first half,’ Caldwell told BBC Radio Devon.
‘[But] when we have Johnly available and fit, which hasn’t happened often since he signed, then I think the whole team has a different look about it.’
Sweeney suffered a calf injury in December 2024, and, while he was recovering from that, a longstanding hip injury flared up, which required more time on the treatment table. He had surgery on the hip in March 2025, and returned for a testimonial match in July, but his game time this season has been limited as he works his way back to full fitness.
They have suffered injuries up the other end of the pitch, too. Striker Sonny Cox tore a groin muscle during Exeter’s during their 2-1 loss to Stevenage and faces six to eight weeks out.
He joins midfielders Carlos Mendes Gomes, who has an abductor muscle injury, and Jake Doyle-Hayes, who has ongoing ankle issues after an incident at his previous club Hibs. Forward Jack Aitchison had an ankle injury, but he came on as a substitute during Exeter’s 1-0 loss to Stockport County on October 18.
The Grecians will be hoping that Aitchison’s return bolsters their frontline, as they have only scored 12 goals so far this season.
Exeter City’s Poor Away Record
Exeter have been inconsistent this season, with no back-to-back wins, and their worst form coming away from home. They won well at home to Blackpool and Peterborough United, only to lose away to Doncaster Rovers, Rotherham United, and Northampton Town.
Caldwell has tried to counter this inconsistency by introducing a new strategy. This sees Caldwell and his coaching staff split the season into blocks of eight games to shift the focus from immediate results.
For each block they look at points totals, and expected points totals in different categories such as automatic promotion, playoffs, and mid-table.
‘We’re trying to take a more long-term view to the season as a whole,’ Caldwell said on BBC Radio Devon. ‘[because] we had two really fast starts in the previous years and they came at a cost pre-Christmas and the busy Christmas period into January where we had a bad run.
‘We basically almost try and give ourselves different ways to look at every game.
‘We can it ‘sustainability’ – but that would be staying in League One – and what each game looks like and what the overall points total for the block looks like to put us in one of those brackets.
‘[Whereas] this gives us ways of looking across the board in, not a long-term view as in 46 league games, but a long-term view as in seven games.’
It remains to be seen whether this new approach will improve Exeter’s form, but Caldwell deserves plaudits if it works.
Exeter City’s Financial Issues
Exeter became English football’s first fan-owned club when Exeter City Supporters Trust took over in 2003.
They have brought stability to the club, but this year has seen a number of problems.
Exeter overspent on its budget, which led to resignations from the Supporters Trust, and the overspend meant that the club had a reduced playing budget, which impacted their ability to bring in new players.
Caldwell spoke about the challenges the Grecians face in a competitive league.
‘I think the reality of the last three years is probably hitting home that the league is progressing at a rate that’s much quicker than how we are progressing as a football club in terms of finances and that gap is widening every year,’ he told BBC Radio Devon.
‘We’ve had to make some changes to budgets and different things, but the challenge is one that everyone at the football club wants to take on.’
Caldwell says that, despite having one of the smallest budgets in League One, Exeter have always overachieved.
‘I think we’ve been seven, ten, and six places above our financial budget in the financial table,’ he said.
But he admitted that the club may need to make some changes to stay competitive.
‘Everyone does their job and a little bit more to try and get the best for Exeter City and I think at this moment in time it’s probably a bit of a time for change and what does the future look like at League One for our football club?’
It seems that Exeter’s small budget and squad are exacerbating their problems on the pitch as injuries hit.
Conclusion
Exeter’s fan ownership model is to be applauded – fans of many other teams would no doubt like to replicate it at their own clubs. But as the costs of competing in the EFL spiral, is it still viable?
As a new football regulator prepares to come in, let’s hope that Exeter can turn things around and continue to prove that you don’t need always need a rich sugar daddy to run your local football club.
